Global insurer Allianz yesterday announced it has received regulatory approval to sell part of its traditional life insurance portfolio to Taipei-based China Life Insurance.

The transaction, first announced last October, is expected to close on 18 May 2018. All policyholders’ rights remain unchanged and fully protected.

Allianz says in a statement that it remains fully committed to its life insurance business in Taiwan, and will continue to accelerate its growth and innovation agenda to provide customers with superior protection solutions in this key market.

This announcement does not affect the operations or ongoing business of Allianz Taiwan Life in any way. Existing customers, partners and associates can expect to enjoy the same quality of service and excellence from Allianz Taiwan Life.

In a statement, Mr George Sartorel, Regional CEO, Asia Pacific, said: “We are pleased that China Life Insurance will be able to take this portfolio to the next stage of its development. This transaction supports our priorities to focus on the core segments where we have the most expertise to provide greater value to our customers. Taiwan remains a highly attractive and important market to Allianz, where we have a high-quality and fast growing business. We are committed to accelerate the growth in Taiwan, and will continue to enhance our products and services to meet the protection needs of our customers.”

Allianz Taiwan Life was the largest multinational life insurance company in Taiwan by gross written premiums in 2017. Since entering the market in 1995, it has maintained a leading market position with an established distribution network and multiple strategic bank partnerships. In 2017, the insurer grew its total revenues by 50% to NT$82.4 billion, while successfully expanding its agency force by a third to over 2,500 advisers. Going forward, it will continue developing and investing in emerging technologies, with a focus towards building stronger engagements and propositions for its customers.